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Part A: Required: 1. Based on 2022 results, Music's estimated tax liability for 2023 is $288,960. Music will accrue 1/13 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2023, to accrue the tax liability and on February 1 to record the payment. Journal entry worksheet Record the entry to accrue estimated income tax for January. Rotes Lnter debuts before credits; Journal entry worksheet Record the payment of installment accrued on January 31 . Note: finter dobuts before credits. 2. At year-end, December 31, the actual income tax for 2023 was determined to be $294,420. Prepare the adjusting entry on December 31 to record the accrual (assume 11 months have been accrued to date in 2023). Record the payment on January 1,2024. Journal entry worksheet 2 Record the entry to adjust income tax expense to actual income tox. Fote: Finter detaits before creidis. Journal entry worksheet Record the payment of Income Tax on January 1, 2024. Note: Enter debits before credits. Required: 3. Complete the following table assuming Music estimates its tax liability for the year 2023 to be $645.000. (Do not round intermediote calculations.) 4. Assuming that actual tax for the year 2023 was determined to be $662,000, prepare the appropilate adjusting entry at year-end to bring the balance in the Income Tax Expense account to the correct balance, assuming no accrual has yer been recorded for the fourti quarter. Journal entry worksheet Record the entry to adjust income tax expense to actual income tax. Note: Enter debits before ardits. 5. Calculate Music's actual profit for the year 2023

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